Exercise 2-15 Factory overhead computed, applied, and adjusted LO P3, P4 In December 2016, Custom Mfg. establ cost predictions: overhead costs, $560,000, and direct materials costs, $400,000. At year-end 2017, the company's records show that actual overhead costs for the year are $753,100. Actual direct matertal cost had been assigned to jobs as follows. ished Its predetermined overhead rate for jobs produced during 2017 by using the following Jobs completed and sold Jobs in finished goods inventory Jobs in work in process inventory Total actual direct materials cost $410,000o 75, 000 46,000 $531,000 1. Determine the predetermined overhead rate for 2017. 283. Enter the overhead costs Incurred and the amounts applied during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied. 4. Prepare the adjusting entry to allocate any over- or underappliled overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below es Req 1Req 2 and 3Req 4 Determine the predetermined overhead rate for 2017 Choose Numerator Denominator - Overhead Rate s Overhead rate Req 2 and3 >